Estate Planning — Special Needs Planning
If you include someone with special needs among your loved ones you are undoubtedly concerned about that person’s future. From both a practical and financial standpoint the costs involved in caring for a special needs loved one are often high. To ensure that your special needs loved one continues to receive high quality care, even after you are no longer here to provide the care it is imperative that you include special needs planning in your overall estate plan.
At Law Offices of Richard B. Schneider our team of caring, compassionate, and competent attorneys is dedicated to helping the families of special needs individuals by creating a comprehensive estate plan that includes special needs planning. Contact us today by calling 503-241-1215 or through our online contact form so that we can discuss your loved one’s special needs to ensure that they are met both now and in the future.
Special Needs Challenges
If you are the parent or grandparent of a special needs child, you likely worry about that child’s future. Though many special needs children will grow up to live relatively independent lives, they will always need some level of supervision and assistance. The lower your child’s functional level, the more care and supervision that is needed and the higher the cost of that care.
Even if your special needs loved one is never able to live an independent life, the law will consider him or her to be an adult at the age of 18. In most cases, assistance from federal and state programs, such as Medicaid and SSI, is needed to cover the often exorbitant cost of care for a special needs adult. While you are alive you may be able to supplement the care provided by these programs without affecting your loved one’s eligibility for the much-needed benefits provided by these programs. When you die, however, simply gifting money or assets to your special needs loved one is not advisable because even a small gift could results in your loved one losing his or her eligibility for assistance. The reason for this is that most assistance programs have a resources limit that may be as low as $2000.
The good news is that by incorporating a special needs plan into your overall estate plan you can provide long-term supplemental care to your special needs loved one without affecting eligibility for federal and state assistance programs. This is commonly accomplished by creating a special needs trust.
The caring, compassionate, and competent estate planning attorneys at Law Offices of Richard B. Schneider, LLC can help you incorporate special needs planning into your comprehensive estate plan, providing you with the peace of mind of knowing that your special needs loved one will be provided for long after you are gone. Contact us today by calling 503-241-1215 or through our online contact form so that we can get started protecting your loved one’s future.